"Sharing Pain Through Rent Reduction" ... Benefits for Daycare Centers in Apartment Complexes in Pohang Area

Active Participation Trend in Apartment Residents' Representative Meetings
70% of Apartments Offer Several Months' Rent Reduction

Pohang City Hall exterior view.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] In the Pohang area of Gyeongbuk, the "Pohang Love Sharing Good Rent Movement," which reduces rent for daycare tenants in apartment complexes facing economic difficulties due to the novel coronavirus infection (COVID-19), is gaining momentum.

According to Pohang City on the 19th, many apartment residents' representative meetings are reducing several months' worth of rent by 30% to 100%, considering that daycare centers in management buildings are struggling with operations due to the prolonged COVID-19 pandemic and a decrease in the number of children caused by ultra-low birth rates.

Earlier, Pohang City requested cooperation from residents' representative meetings and management offices of local apartment complexes operating daycare centers to participate in the rent reduction movement. So far, about 70% of apartments have joined this movement.

Jung Hae-cheon, head of the Pohang City Apartment Housing Division, said, "Incentives will be provided when selecting projects such as the Apartment Community Revitalization Support Project for complexes participating in the Good Rent Movement," adding, "We hope the atmosphere of voluntarily lowering rent spreads gradually to all apartment complexes."

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